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Most students need student loans in order to finance their college education. Under these loan programs, you do not have to make any payments on the loan until 6 months after you graduate from the course or leave school. The payment you make includes interest that starts accruing on the date to finish school. During the time you are in college, the federal government pays the interest for you.

There are different types of student loans available. First of all you have to apply to the federal government for financial aid using an FAFSA application. This application is for all federal government student loans including grants that you don’t have to repay. In cases where the government deems you or your family has enough monetary resources to pay for the college, you may need to apply to a bank for a student loan. This means that you will have to make interest payments each month, but the regular payment does not kick in until 6 months after you graduate or leave college.

Another type of student loan is the Federal Perkins Student Loan. This is a low interest loan for undergraduate and graduate students that demonstrate financial need. The school is the lender in this case, but the loan comes from government funds to the school. When it comes time to repay the loan, you repay the school, not the government.

The amount you can borrow depends on your level of education and need. Undergraduate students can borrow up to $4,000 a year to a maximum of $20,000, while graduate students can borrow up to $6,000 a year to a maximum of $40,000, which includes any loans you received as a undergraduate student.

Other types of student loans you can get to help you pay the cost of tuition and books are Direct and FFEL Student Loans. You have to pay a fee for these loans, but the Perkins Student Loans are free. With all student loans, you can get the money by check made out to you or have the funds paid directly into your bank account twice during the academic year – usually at the beginning of each semester.